Mercantile Investments and Finance PLC (MI) Annual Report for financial year 2013/14 won the Sustainability Reporting Award, under the financial services and Insurance category, at the recently held ACCA Sri Lanka Sustainability Reporting Awards 2014 competition.
This award comes consequent to the company winning two other accolades in December 2014 at the CA Sri Lanka Annual report competition where MI’s annual report of FY 2013/14 won the silver award for best presented report, under the finance company sector and which further won the all island Bronze award for the excellence displayed in integrated reporting.
The annual report disclosure integrates very clearly the complete performance of the company in relation to the environment, people and its value addition to all stakeholders, adopting Global Reporting Initiative’s GRI G3.1 sustainability reporting framework. The company has gained enormous recognition for more than a decade for its excellence in financial reporting and transparency winning both local and international accolades for its annual reports in the past .
In terms of business performance, Mercantile Investments and Finance PLC continued to motor along in delivering sound results yet again to its investors, announcing a Rs 569 million pre- tax profit for the nine months ended 31st December 2014. This reflected a 7.85 percent growth in pre-tax profits year-on-year, boosted by the steady pick-up witnessed in its lending receivables which grew commendably by 17.53 percent annualized.
The company has managed to widen its presence across the country in the last five years and now possess a strong network of Branches comprising 19 branches and 6 service centers with Kegalle branch being the recent addition in January 2015. Further, as a strategic initiative of diversifying MI’s product portfolio and penetrating into potential markets, a separate Micro Finance division was set up this year, equipped with experienced staff. In keeping to MI’s sustainability ideologies, the micro finance division will cater to a specific segment of the market, especially those who are in need of credit to meet their entrepreneurial requirements, to uplift their lives and livelihoods.
Mercantile Investments and Finance PLC is a Licensed Finance Company under the Finance Business Act No. 42 of 2011, listed on the Diri Savi Board of the Colombo Stock Exchange. The company has been in operation since 1964 and celebrated its golden jubilee in June 2014.